Meme Coin Craze: A Look at Ben.eth’s Controversial Empire and Potential Risks

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In the midst of the ongoing craze surrounding meme coins, a controversial figure has emerged. Pseudonymous NFT collector Ben.eth has built an empire on the back of such tokens, despite their often dubious nature. His rise to prominence began amid the PEPE meme coin frenzy and his alleged associations with well-known crypto influencers and media personalities.

Ben.eth first entered the crypto scene in 2017, but it wasn’t until 2021 that he joined the NFT community. Though he didn’t start as a major influencer, Ben.eth’s popularity surged in May after promoting the PEPE meme coin and subsequently launching his own $BEN token. Initially, $BEN failed to gain traction; however, its fortune turned when the renowned crypto content creator BitBoy purchased some of the tokens. Following this success, Ben.eth announced the pre-sale launch of $PSYOP meme coin.

Interestingly, on May 17th, BitBoy sold all of his $BEN tokens. Nevertheless, Ben.eth managed to raise a staggering $9 million worth of ETH from the $PSYOP presale and other token sales. Despite starting May with a wallet balance of only $2,600, Ben.eth’s wallet value increased to $9.28 million by May 23rd. While the funds have since been moved, this wallet still holds 3,450 ETH, equivalent to $6.3 million, according to Etherscan.

Undeterred by the past controversies, Ben.eth recently announced plans to launch another meme coin called $LOYAL on Memorial Day. Unlike his previous tokens, Ben.eth assured that he would not hoard the supply of $LOYAL, inviting people to send ETH to his wallet address to receive 33% of the total coin supply.

Given the pump-and-dump nature of previously launched meme coins by Ben.eth, skepticism abounds within the crypto community. Many expect the new $LOYAL coin to follow suit, eventually leading to another rug pull. As such, caution is highly recommended when considering an investment in these coins.

With the hype around meme coins showing no signs of abating, it seems that individuals like Ben.eth will continue to ride the wave. However, it’s crucial that crypto enthusiasts conduct thorough research and exercise due diligence before investing in any cryptocurrency, especially when it comes to meme coins which may not always have substantive value or utility. While potentially lucrative, the risks associated with such coins should not be understated.

Source: Coingape

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